Stifel analyst Scott Devitt downgraded eBay (EBAY) to Hold and lowered his price target for the shares to $35 from $43. PayPal's (PYPL) earnings release last night suggested weak eBay gross merchandise volume trends in Q3, Devitt tells investors in a research note. The analyst estimates that PayPal currently processes around 75% of addressable eBay gross merchandise volume. For Q3, PayPal suggests eBay's marketplace GMV grew 3.4% year-over-year adjusted for currency relative to the analyst's prior estimate of 7.2%. Further, Devitt expect eBay's multi-year transition to the Adyen payments platform "could be bumpy given the long history that buyers and sellers have working almost exclusively with PayPal on the eBay platform."

DMG Blockchain Solutions (DMGGF) announced a strategic collaboration with PayPal (PYPL) and Energy Web to explore ways to decarbonize the Bitcoin blockchain. The companies are working together on developing methods for transacting on the Bitcoin network which would expand its use as a carbon neutral payment rail, thus advancing its application. DMG, Energy Web, and PayPal are working together to publish a research paper, which we collectively believe will benefit users of the Bitcoin network who would like to take advantage of carbon neutral options in their transactions. PayPal, with its focus on developing its bitcoin payment rail, has been a leader in new payment technologies with the introduction of its enhanced services by integrating blockchain technology, launching the PayPal USD stablecoin with Paxos Trust Company in August 2023 for efficient transactions.